Luna Gold (LGC-V, LGCU-O) struck some promising results at its Cachoeira gold project in northeastern Brazil as it wrapped up its drill program for the year.
The Vancouver-based company has announced assay results from the Tucano zone at Cachoeira, highlighted by: 21.5 metres of 5.87 grams gold per tonne in hole LCD-026, including 8 metres at 14.96 grams gold and 11 metres grading 1.67 grams gold; 1 metre of 17.3 grams gold in hole 27; and 13 metres grading 1.84 grams gold in hole 28.
Tucano is a multi-vein system that Luna says has the potential to support a bulk-tonnage open-pit operation.
In addition, the project hosts one high-grade vein that could be mined by underground methods either below the open pit or as a standalone operation.
With its 2008 drill program now finished, the company says it will focus on modelling the three zones it has drilled thus far at Cachoeira — of which Tucano is the best so far.
The just-completed program aimed at opening up the dip and plunge extent of higher-grade mineralized zones west and southwest of the zone.
“All stepout holes hit mineralized zones, several of which are very high-grade, indicating that the mineralizing system is more extensive than previously defined and remains open,” said Titus Haggan, Luna’s exploration manager, in a statement.
The most promising hole, 26, was a wide stepout hole to the southwest and mineralization was associated with quartz veins containing visible gold.
Luna says preliminary geological modelling shows good continuity of high-grade ore between the drill holes.
Tucano is a shear zone gold deposit with coarse-grained mineralization in quartz veins that typically have a close spatial relationship with felsic dykes.
The deposit host rocks are Proterozoic volcanic units of the Chega Tudo formation.
In Toronto on the news, Luna’s shares were up a penny to 10¢ on 189,000 shares traded.
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